MP TBM Tygryski

Tygryski kukurydziane


teraz z bardzo zdrową kaszą jaglaną!





Idealna przekąska


Bez glutenu, soli i cukru

Z dodatkiem pełnej witamin
i składników odżywczych kaszy jaglanej


Tygryski chrupki kukurydziane z kaszą jaglaną spełniają wymogi Rozporządzenia Ministra Zdrowia z dnia 26 sierpnia 2015 r. w sprawie grup środków
spożywczych przeznaczonych do sprzedaży dzieciom i młodzieży w jednostkach systemu oświaty oraz wymagań, jakie muszą spełniać środki
spożywcze stosowane w ramach żywienia zbiorowego dzieci i młodzieży w tych jednostkach.

”œ‡–™‘”› ™‘…‘™ƒ ‘œ‘•œ –‘ ‘™‘…‡ ’”œ‡œ …ƒÏ› ”‘Ǩ ƒŒ¦ –ƒ ™‹‡Ž‡ œƒ•–‘•‘™ƒÑǡ Ç ƒ™‡– –”—†‘ ’‘Ž‹…œ›©Ǥ ‘Ѓ Œ‡ ‘’‘‘™ƒ© œ ’‘–”ƒ™ƒ‹ •Ï‘†‹‹ ‹ ’‹ƒ–›‹ǡ
œ ™›’‹‡ƒ‹ǡ ‹¸•ƒ‹ǡ œƒ’‹‡ƒƒ‹ǡ †ƒ‹ƒ‹ ƒ …‹‡’Ï‘ǡ ’”œ‡¦•ƒ‹ ƒ œ‹‘ǡ †‡•‡”ƒ‹ǡ ‘–ƒŒŽƒ‹ǡ ƒƒ’ƒ‹ǡ –‘•–ƒ‹ǥ

™‘…‘™ƒ ‘œ‘•œ –‘ ’”‘’‘œ›…Œƒ †Žƒ ‘•×„ ™ ƒĂ†› ™‹‡—Ǥ ‘œ•ƒ—Œ¦ •‹¸ ™ ‹…Š œƒ”×™‘ …‹ †‘”‘䎋ǡ Œƒ ‹ œ—’‡Ï‹‡ ƒŽ‹ •ƒ‘•œ‡ ‘™‘…‘™›…Š ’›•œ‘ä…‹Ǥ

‘•‘ƒÏƒ ‘•›•–‡…Œƒǡ „‘‰ƒ…–™‘ …ƒÏ›…Š ‘™‘…×™ǡ ƒ–—”ƒŽ› ‘Ž‘”ǡ –”ƒ†›…›Œ› •ƒ ‹ ‹•ƒ œƒ™ƒ”–‘ä© …—”— ‰™ƒ”ƒ–—Œ¦ ™›Œ¦–‘™› •ƒ †Ă‡×™Ǥ ”›‰‹ƒŽ‡ ‘’‘œ›…Œ‡
•ƒ‘™‡ œƒ•‘…œ¦ ‹‡Œ‡†‡‰‘ σ•—…ŠƒǤ






















































GBDFCPPL DPN PXPDPXBSP[LPT[




’Ǥ œ ‘Ǥ‘Ǥ Ǧ —ŽǤ ‹Ž–”‘™ƒ ͛͝ǡ ͚͘Ǧ͘͟͝ ƒ”•œƒ™ƒǡ –‡ŽǤ ή͜͠ ͚͚ ͚͠͝ ͜͝ ͜͜ǡ ˆƒš ή͜͠ ͚͚ ͚͠͝ ͙͜ ͚͡ǡ ‘ƥ…‡̻•…ƒ†‹…Ǧˆ‘‘†Ǥ’Ž

”œ‡–™‘”› ™‘…‘™ƒ ‘œ‘•œ –‘ ‘™‘…‡ ’”œ‡œ …ƒÏ› ”‘Ǩ ƒŒ¦ –ƒ ™‹‡Ž‡ œƒ•–‘•‘™ƒÑǡ Ç ƒ™‡– –”—†‘ ’‘Ž‹…œ›©Ǥ ‘Ѓ Œ‡ ‘’‘‘™ƒ© œ ’‘–”ƒ™ƒ‹ •Ï‘†‹‹ ‹ ’‹ƒ–›‹ǡ
œ ™›’‹‡ƒ‹ǡ ‹¸•ƒ‹ǡ œƒ’‹‡ƒƒ‹ǡ †ƒ‹ƒ‹ ƒ …‹‡’Ï‘ǡ ’”œ‡¦•ƒ‹ ƒ œ‹‘ǡ †‡•‡”ƒ‹ǡ ‘–ƒŒŽƒ‹ǡ ƒƒ’ƒ‹ǡ –‘•–ƒ‹ǥ

™‘…‘™ƒ ‘œ‘•œ –‘ ’”‘’‘œ›…Œƒ †Žƒ ‘•×„ ™ ƒĂ†› ™‹‡—Ǥ ‘œ•ƒ—Œ¦ •‹¸ ™ ‹…Š œƒ”×™‘ …‹ †‘”‘䎋ǡ Œƒ ‹ œ—’‡Ï‹‡ ƒŽ‹ •ƒ‘•œ‡ ‘™‘…‘™›…Š ’›•œ‘ä…‹Ǥ

‘•‘ƒÏƒ ‘•›•–‡…Œƒǡ „‘‰ƒ…–™‘ …ƒÏ›…Š ‘™‘…×™ǡ ƒ–—”ƒŽ› ‘Ž‘”ǡ –”ƒ†›…›Œ› •ƒ ‹ ‹•ƒ œƒ™ƒ”–‘ä© …—”— ‰™ƒ”ƒ–—Œ¦ ™›Œ¦–‘™› •ƒ †Ă‡×™Ǥ ”›‰‹ƒŽ‡ ‘’‘œ›…Œ‡
•ƒ‘™‡ œƒ•‘…œ¦ ‹‡Œ‡†‡‰‘ σ•—…ŠƒǤ






















































GBDFCPPL DPN PXPDPXBSP[LPT[




’Ǥ œ ‘Ǥ‘Ǥ Ǧ —ŽǤ ‹Ž–”‘™ƒ ͛͝ǡ ͚͘Ǧ͘͟͝ ƒ”•œƒ™ƒǡ –‡ŽǤ ή͜͠ ͚͚ ͚͠͝ ͜͝ ͜͜ǡ ˆƒš ή͜͠ ͚͚ ͚͠͝ ͙͜ ͚͡ǡ ‘ƥ…‡̻•…ƒ†‹…Ǧˆ‘‘†Ǥ’Ž






O


O
c




















O




ǧ


O

O










O














GBDFCPPL DPN PXPDPXBSP[LPT[





’Ǥ œ ‘Ǥ‘Ǥ Ǧ —ŽǤ ‹Ž–”‘™ƒ ͛͝ǡ ͚͘Ǧ͘͟͝ ƒ”•œƒ™ƒǡ –‡ŽǤ ή͜͠ ͚͚ ͚͠͝ ͜͝ ͜͜ǡ ˆƒš ή͜͠ ͚͚ ͚͠͝ ͙͜ ͚͡ǡ ‘ƥ…‡̻•…ƒ†‹…Ǧˆ‘‘†Ǥ’Ž






O


O
c




















O




ǧ


O

O










O














GBDFCPPL DPN PXPDPXBSP[LPT[





’Ǥ œ ‘Ǥ‘Ǥ Ǧ —ŽǤ ‹Ž–”‘™ƒ ͛͝ǡ ͚͘Ǧ͘͟͝ ƒ”•œƒ™ƒǡ –‡ŽǤ ή͜͠ ͚͚ ͚͠͝ ͜͝ ͜͜ǡ ˆƒš ή͜͠ ͚͚ ͚͠͝ ͙͜ ͚͡ǡ ‘ƥ…‡̻•…ƒ†‹…Ǧˆ‘‘†Ǥ’Ž





&7( 541 Ƴ 2EOEVSR] ^ WIVGE M [MIH^]




8VEH]GNE TEWNE XIGLRSPSKMEƳ2EOEVSR] &VG 5SP ;W^]WXOS ^EG^éēS WMé SH TEWNM TSHV¾ŏS[ERME FS
^[MIH^ERMI XS RMI X]POS TIN^EŏI M ^EF]XOM XS XIŏ V¾ŏRSVSHRSĮÔ WQEO¾[ V¾ŏRSVSHRSĮÔ EVSQEX¾[
.RWTMVEGNE TS[WXERME ǻVQ] &VG 5SP REVSH^MēE WMé [ TV^ITMéOR]Q SXSG^IRMY [ēSWOMGL YPMG^IO 4FIGRMI
&7( 541 XS RS[SG^IWRE ǻVQE TVSHYOYNÒGE QEOEVSR] ^ TSPWOMIN TW^IRMG] SVE^ WTVS[EH^ENÒGE ^ ;ēSGL
QEOVSR] ^ TW^IRMG] HYVYQ SVE^ XSVXIPPMRM M VEZMSPM /EOSĮÔ NIWX Kē¾[R]Q TVMSV]XIXIQ ǻVQ] HPEXIKS
TSWMEHE [ēEWRI PEFSVEXSVMYQ EOVIH]XS[ERI SVE^ TSWMEHE GIVX]ǻOEX] + ( SVE^ . 4
OX¾VI WÒ REN[]ŏW^]QM QMéH^]REVSHS[]QM GIVX]ǻOEXEQM ^ ^EOVIWY FI^TMIG^IĕWX[E TVSHYOGNM ŏ][RSĮGM


















































&7( 541 '&'.Ĕ 0.

YP )[SVWOE (^ERMIG
XIP JE\
XIP OSQ QFP

;;; &7(541 51

EVGTSP%EVGTSP TP

&7( 541 Ƴ 2EOEVSR] ^ WIVGE M [MIH^]




8VEH]GNE TEWNE XIGLRSPSKMEƳ2EOEVSR] &VG 5SP ;W^]WXOS ^EG^éēS WMé SH TEWNM TSHV¾ŏS[ERME FS
^[MIH^ERMI XS RMI X]POS TIN^EŏI M ^EF]XOM XS XIŏ V¾ŏRSVSHRSĮÔ WQEO¾[ V¾ŏRSVSHRSĮÔ EVSQEX¾[
.RWTMVEGNE TS[WXERME ǻVQ] &VG 5SP REVSH^MēE WMé [ TV^ITMéOR]Q SXSG^IRMY [ēSWOMGL YPMG^IO 4FIGRMI
&7( 541 XS RS[SG^IWRE ǻVQE TVSHYOYNÒGE QEOEVSR] ^ TSPWOMIN TW^IRMG] SVE^ WTVS[EH^ENÒGE ^ ;ēSGL
QEOVSR] ^ TW^IRMG] HYVYQ SVE^ XSVXIPPMRM M VEZMSPM /EOSĮÔ NIWX Kē¾[R]Q TVMSV]XIXIQ ǻVQ] HPEXIKS
TSWMEHE [ēEWRI PEFSVEXSVMYQ EOVIH]XS[ERI SVE^ TSWMEHE GIVX]ǻOEX] + ( SVE^ . 4
OX¾VI WÒ REN[]ŏW^]QM QMéH^]REVSHS[]QM GIVX]ǻOEXEQM ^ ^EOVIWY FI^TMIG^IĕWX[E TVSHYOGNM ŏ][RSĮGM


















































&7( 541 '&'.Ĕ 0.

YP )[SVWOE (^ERMIG
XIP JE\
XIP OSQ QFP

;;; &7(541 51

EVGTSP%EVGTSP TP

&7( 541 Ƴ 2EOEVSR] ^ WIVGE M [MIH^]












2EOEVSR] NENIG^RI 2EOEVSR] NENIG^RI 2EOEVSR] NENIG^RI 8SXVIPPMRM 7EZMSPM


JSVQ] QEOEVSRY [WXÒŏIO
JSVQ] QEOEVSRY [WXÒŏIO ƽ GMIROE
ƽ GMIROE ƽ ĮVIHRME
ƽ ĮVIHRME ƽ W^IVSOE

ƽ W^IVSOE
ƽ TEWOM
ƽ ^ÒFOS[ERE

7SH^ENI ^ QMéWIQ ^ WIVIQ
WIVS[S KV^]FS[I




+SVQ] QEOEVSRY OVENEROE ^EGMIVOE
STEOS[ERMI NIHRSWXOS[I K
.PSĮÔ [ OEVXSRMI W^X 0,


2EOEVSR] ^ TW^IRMG] HYVYQ 2EOVSR] TIēRS^MEVRMWXI 2EOEVSR] SVOMW^S[I 2EOEVSR] FI^NENIG^RI


4TEOS[ERMI
NIHRSWXOS[I ,

MPSĮÔ [ OEVXSRMI
W^X 0, Į[MHIVIO







4TEOS[ERMI NIHRSWXOS[I ,
4TEOS[ERMI NIHRSWXOS[I , MPSĮÔ [ OEVXSRMI W^X 0, J
MPSĮÔ [ OEVXSRMI W^X 0, SVQ] QEOEVSR¾[ Į[MHIVOM QYW^IPOM

K[ME^HOM PMXIVOM ēI^OM M MRRI



&7( 541 '&'.Ĕ 0.

YP )[SVWOE (^ERMIG
XIP JE\
XIP OSQ QFP

;;; &7(541 51

EVGTSP%EVGTSP TP

&7( 541 Ƴ 2EOEVSR] ^ WIVGE M [MIH^]












2EOEVSR] NENIG^RI 2EOEVSR] NENIG^RI 2EOEVSR] NENIG^RI 8SXVIPPMRM 7EZMSPM


JSVQ] QEOEVSRY [WXÒŏIO
JSVQ] QEOEVSRY [WXÒŏIO ƽ GMIROE
ƽ GMIROE ƽ ĮVIHRME
ƽ ĮVIHRME ƽ W^IVSOE

ƽ W^IVSOE
ƽ TEWOM
ƽ ^ÒFOS[ERE

7SH^ENI ^ QMéWIQ ^ WIVIQ
WIVS[S KV^]FS[I




+SVQ] QEOEVSRY OVENEROE ^EGMIVOE
STEOS[ERMI NIHRSWXOS[I K
.PSĮÔ [ OEVXSRMI W^X 0,


2EOEVSR] ^ TW^IRMG] HYVYQ 2EOVSR] TIēRS^MEVRMWXI 2EOEVSR] SVOMW^S[I 2EOEVSR] FI^NENIG^RI


4TEOS[ERMI
NIHRSWXOS[I ,

MPSĮÔ [ OEVXSRMI
W^X 0, Į[MHIVIO







4TEOS[ERMI NIHRSWXOS[I ,
4TEOS[ERMI NIHRSWXOS[I , MPSĮÔ [ OEVXSRMI W^X 0, J
MPSĮÔ [ OEVXSRMI W^X 0, SVQ] QEOEVSR¾[ Į[MHIVOM QYW^IPOM

K[ME^HOM PMXIVOM ēI^OM M MRRI



&7( 541 '&'.Ĕ 0.

YP )[SVWOE (^ERMIG
XIP JE\
XIP OSQ QFP

;;; &7(541 51

EVGTSP%EVGTSP TP

.JPEZ 4’PEZD[F



2IHURZDQH SU]H] *RVSRGDUVWZR 3DVLHF]QH â\VRę 0LyG WR QDMEDUG]LHM QDWXUDOQD VãRG\F] ]QDQD Z
PLRG\ SRFKRG]Ĉ Z\ãĈF]QLH ] SROVNLFK SDVLHN QDWXU]H 8GRZDGQLD İH WR FR VãRGNLH PRİH E\þ
]DUyZQR ]GURZH :V]\VWNR FR WZRU]\P\ URELP\ ]
=RVWDã\ RQH ZLHORNURWQLH Z\UyİQLRQH SRGF]DV URİQHJR
URG]DMX LPSUH] SV]F]HODUVNLFK D Z RVWDWQLP F]DVLH Z\NRU]\VWDQLHP PLRGX L QDV]HM SDVML GR QLHJR 1DV]H
RWU]\PDã\ FHUW\ILNDW\ MDNRĤFL Z SURJUDPLH 'RFHę VãRG\F]H VĈ QDWXUDOQ\P UR]ZLQLčFLHP WHM PLãRĤFL GR
3ROVNLH RUD] QLH SR UD] SLHUZV]\ QRPLQDFMH Z QDWXUDOQ\FK SURGXNWyZ =DSUDV]DP\ GR ]DSR]QDQLD
NRQNXUVLH $*52 3ROVND VLč ] MHM RZRFDPL










Ŏ8*&$& [ESPXJF


; 804,6 14;$;&-&(0 QSPTUP [ QBTJFLJ


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3DęVWZR QLH W\ONR PLRG\ DOH UyZQLHİ ĤZLHFH ] QDWXUDOQHJR SV]F]HOH R QDMZ\İV]HM MDNRĤFL SRFKRG]ĈFH Z\ãĈF]QLH ]
ZRVNX SV]F]HOHJR .DİGD ] QLFK Z\WZDU]DQD MHVW UčF]QLH SROVNLFK SDVLHN 'R QDMZDİQLHMV]\FK SURGXNWyZ
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VQPNJOLPXF TQB



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3U]\JRWRZXMHP\ UyZQLHİ ]HVWDZ\ SUH]HQWRZH SURGXNWyZ SV]F]HOLFK Z NRVPHW\FH
GRVWRVRZDQH GR SRWU]HE QDV]\FK .OLHQWyZ $E\ ]DVSRNRLþ SRWU]HE\ QDV]\FK NOLHQWyZ QD
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QDSLV ORJRW\S F]\ WHİ VWZRU]HQLH XQLNDWRZ\FK PDUNč 0,2'2:( 63$ RIHUXMĈF Z\VRNLHM MDNRĤFL
]DZLHV]HN L HW\NLHW NRVPHW\NL










(PTQPEBSTUXP 1BTJFD[OF 5PNBT[ ŒZTPŭ TQ [ P P TQ L
XXX QBTJFLBMZTPO QM 4V’LPXJDF L "OESZDIPXB VM 3BD’BXJDLB


QPD[UB!PSZHJOBMOFQSF[FOUZ QM F NBJM QPD[UB<BU>PSZHJOBMOFQSF[FOUZ QM
UFM UFM

.JPEZ 4’PEZD[F



2IHURZDQH SU]H] *RVSRGDUVWZR 3DVLHF]QH â\VRę 0LyG WR QDMEDUG]LHM QDWXUDOQD VãRG\F] ]QDQD Z
PLRG\ SRFKRG]Ĉ Z\ãĈF]QLH ] SROVNLFK SDVLHN QDWXU]H 8GRZDGQLD İH WR FR VãRGNLH PRİH E\þ
]DUyZQR ]GURZH :V]\VWNR FR WZRU]\P\ URELP\ ]
=RVWDã\ RQH ZLHORNURWQLH Z\UyİQLRQH SRGF]DV URİQHJR
URG]DMX LPSUH] SV]F]HODUVNLFK D Z RVWDWQLP F]DVLH Z\NRU]\VWDQLHP PLRGX L QDV]HM SDVML GR QLHJR 1DV]H
RWU]\PDã\ FHUW\ILNDW\ MDNRĤFL Z SURJUDPLH 'RFHę VãRG\F]H VĈ QDWXUDOQ\P UR]ZLQLčFLHP WHM PLãRĤFL GR
3ROVNLH RUD] QLH SR UD] SLHUZV]\ QRPLQDFMH Z QDWXUDOQ\FK SURGXNWyZ =DSUDV]DP\ GR ]DSR]QDQLD
NRQNXUVLH $*52 3ROVND VLč ] MHM RZRFDPL










Ŏ8*&$& [ESPXJF


; 804,6 14;$;&-&(0 QSPTUP [ QBTJFLJ


: RIHUFLH *RVSRGDUVWZD 3DVLHF]QHJR â\VRę ]QDMG]LHFLH : QDV]HM RIHUFLH ]QDMGĈ 3DęVWZR UyZQLHİ SURGXNW\
3DęVWZR QLH W\ONR PLRG\ DOH UyZQLHİ ĤZLHFH ] QDWXUDOQHJR SV]F]HOH R QDMZ\İV]HM MDNRĤFL SRFKRG]ĈFH Z\ãĈF]QLH ]
ZRVNX SV]F]HOHJR .DİGD ] QLFK Z\WZDU]DQD MHVW UčF]QLH SROVNLFK SDVLHN 'R QDMZDİQLHMV]\FK SURGXNWyZ
ZHGãXJ VSUDZG]RQ\FK L VWRVRZDQ\FK RG ODW PHWRG RF]\ZLĤFLH RSUyF] PLRGX Z WHM NDWHJRULL ]DOLF]\þ
&KDUDNWHU\]XMH MH QLHVSRW\NDQ\ DURPDW SRãĈF]HQLH PLRGX QDOHİ\ POHF]NR SV]F]HOH S\ãHN NZLDWRZ\ SURSROLV NLW
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3U]\JRWRZXMHP\ UyZQLHİ ]HVWDZ\ SUH]HQWRZH SURGXNWyZ SV]F]HOLFK Z NRVPHW\FH
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QDSLV ORJRW\S F]\ WHİ VWZRU]HQLH XQLNDWRZ\FK PDUNč 0,2'2:( 63$ RIHUXMĈF Z\VRNLHM MDNRĤFL
]DZLHV]HN L HW\NLHW NRVPHW\NL










(PTQPEBSTUXP 1BTJFD[OF 5PNBT[ ŒZTPŭ TQ [ P P TQ L
XXX QBTJFLBMZTPO QM 4V’LPXJDF L "OESZDIPXB VM 3BD’BXJDLB


QPD[UB!PSZHJOBMOFQSF[FOUZ QM F NBJM QPD[UB<BU>PSZHJOBMOFQSF[FOUZ QM
UFM UFM

'FXNF 5TRTĖJ (N \^H_FWT\FË ZQZGNTSJ UW_^XRFPN \ 9\TOJO PZHMSNƗ





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VS^TSG^ÝPMĚQ] [ V TS^]WOYNÉG QPIOS ^ [ăEWRIKS KSWTSHEVWX[E VSPRIKS






(^MÜOM [MIPSPIXRMIQY HSę[MEHG^IRMY M GMÈKĂIN TVEG] REH YHSWOSREPERMIQ TVSGIWY 4SHG^EW TVSHYOGNM REW^]GL WIV¶[ WXSWYNIQ] []ĂÈG^RMI XVEH]G]NRI M REXYVEPRI QIXSH] 7IV]
TVSHYOGNM YHEĂS REQ WMÜ WX[SV^]Ê TVSHYOX REN[]ĺW^IN NEOSęGM []V¶ĺRMENÈG] WMÜ RMI ^E[MIVENÈ ĺEHR]GL OSRWIV[ERX¶[ TS^E WSPÈ ERM ĺEHR]GL GLIQMG^R]GL YPITW^EG^]
RMITS[XEV^EPR]Q WQEOMIQ 1EQ] TV^]NIQRSęÊ M ^EW^G^]X X[SV^]Ê WIV OX¶V] M FEV[RMO¶[ E REN[]ĺW^IN NEOSęGM RMITEWXIV]^S[ERI OVS[MI QPIOS REHENI MQ []WSOMGL
TS^FE[MSR] NIWX NEOMGLOSP[MIO W^XYG^R]GL OSRWIV[ERX¶[ FEV[RMO¶[ M TSPITW^EG^] [EVXSęGM SHĺ][G^]GL 7IV OSV]GMĄWOM REPIĺ] TV^IGLS[][EÊ [ GLĂSHR]Q M WYGL]Q QMINWGY
WQEOY SVE^ [WT¶ĂX[SV^]Ê TSPWOM V]RIO TVSHYOX¶[ VIKMSREPR]GL M XVEH]G]NR]GL ; XEOMGL [EVYROEGL NIKS TV^]HEXRSęÊ HS WTSĺ]GME WMÜKE RE[IX H[¶GL QMIWMÜG] ; X]Q
>EMRWTMVS[ERM TS^]X][R]QM STMRMEQM OPMIRX¶[ TVEKRMIQ] MR[IWXS[EÊ [ HEPW^] VS^[¶N G^EWMI WIV FÜH^MI HSNV^I[EÊ E NIKS FEV[E WQEO M OSRW]WXIRGNE YPIKRÈ ^QMERMI 7IV
REW^IN ŶVQ] SVE^ [TVS[EH^EÊ RS[I V¶[RMI HSFVI NEOSęGMS[S TVSHYOX] /SV]GMĄWOM QSĺRE ^EQVEĺEÊ























>EV^IGG] 7T ^ S S
4VSHYGIRX SV]KMREPRIKS GIVX]ŶOS[ERIKS 7IVE /SV]GMĄWOMIKS Ŗ7[SNWOMIKSŕ
1MIPRMOM /SV]GMR XIP

[[[ ^EV^IGG] TP

FMYVS$^EV^IGG] TP

.IWXIĚQ] ŶVQÉ VSH^MRRÉ [ OX·VIN XVEH]GNE []VSFY WIVE WMÝKE <-< [ 4VSHYOGNÝ 7IVE /SV]GMąWOMIKS 7[SNWOMIKS

VS^TSG^ÝPMĚQ] [ V TS^]WOYNÉG QPIOS ^ [ăEWRIKS KSWTSHEVWX[E VSPRIKS






(^MÜOM [MIPSPIXRMIQY HSę[MEHG^IRMY M GMÈKĂIN TVEG] REH YHSWOSREPERMIQ TVSGIWY 4SHG^EW TVSHYOGNM REW^]GL WIV¶[ WXSWYNIQ] []ĂÈG^RMI XVEH]G]NRI M REXYVEPRI QIXSH] 7IV]
TVSHYOGNM YHEĂS REQ WMÜ WX[SV^]Ê TVSHYOX REN[]ĺW^IN NEOSęGM []V¶ĺRMENÈG] WMÜ RMI ^E[MIVENÈ ĺEHR]GL OSRWIV[ERX¶[ TS^E WSPÈ ERM ĺEHR]GL GLIQMG^R]GL YPITW^EG^]
RMITS[XEV^EPR]Q WQEOMIQ 1EQ] TV^]NIQRSęÊ M ^EW^G^]X X[SV^]Ê WIV OX¶V] M FEV[RMO¶[ E REN[]ĺW^IN NEOSęGM RMITEWXIV]^S[ERI OVS[MI QPIOS REHENI MQ []WSOMGL
TS^FE[MSR] NIWX NEOMGLOSP[MIO W^XYG^R]GL OSRWIV[ERX¶[ FEV[RMO¶[ M TSPITW^EG^] [EVXSęGM SHĺ][G^]GL 7IV OSV]GMĄWOM REPIĺ] TV^IGLS[][EÊ [ GLĂSHR]Q M WYGL]Q QMINWGY
WQEOY SVE^ [WT¶ĂX[SV^]Ê TSPWOM V]RIO TVSHYOX¶[ VIKMSREPR]GL M XVEH]G]NR]GL ; XEOMGL [EVYROEGL NIKS TV^]HEXRSęÊ HS WTSĺ]GME WMÜKE RE[IX H[¶GL QMIWMÜG] ; X]Q
>EMRWTMVS[ERM TS^]X][R]QM STMRMEQM OPMIRX¶[ TVEKRMIQ] MR[IWXS[EÊ [ HEPW^] VS^[¶N G^EWMI WIV FÜH^MI HSNV^I[EÊ E NIKS FEV[E WQEO M OSRW]WXIRGNE YPIKRÈ ^QMERMI 7IV
REW^IN ŶVQ] SVE^ [TVS[EH^EÊ RS[I V¶[RMI HSFVI NEOSęGMS[S TVSHYOX] /SV]GMĄWOM QSĺRE ^EQVEĺEÊ























>EV^IGG] 7T ^ S S
4VSHYGIRX SV]KMREPRIKS GIVX]ŶOS[ERIKS 7IVE /SV]GMĄWOMIKS Ŗ7[SNWOMIKSŕ
1MIPRMOM /SV]GMR XIP

[[[ ^EV^IGG] TP

FMYVS$^EV^IGG] TP

7I
; REW^IN SJIVGMI V /SV]GMĄWOM 7[SNWOM





ř REXYVEPR] ř ^ TMITV^IQ OSPSVS[]Q (S TVSHYOGNM 7IV¶[ /SV]GMĄWOMGL 7[SNWOMGL ŶVQ] >EV^IGG] WYVS[MIG TS^]WOM[ER] NIWX SH OV¶[ ^ LSHS[PM
ř ^ G^SWROMIQ ř ^ TSQMHSVIQ SVIKERS M GLMPM XVEH]G]NRIN ĺ][MIRMI ^MIPSROÈ TEWX[MWOS[È TV^I^ SO HRM [ VSOY PYF WMERIQ WMERSOMW^SROÈ M TEW^È
ř ^ G^SWROMIQ RMIHĸ[MIH^MQ ř ^ SVIKERS M TETV]OÈ GLMPM XVIęGM[È [ SOVIWMI ^MQS[]Q
ř ^ G^SWROMIQ WXEVSTSPWOMQ ř ^ GLV^ERIQ [EWEFM /SRWIO[IRGNÈ ĺ][MIRME OV¶[ ^MIPSROÈ TEWX[MWOS[È NIWX ŏ OVSXRMI []ĺW^E ^E[EVXSęÊ FMSEOX][R]GL
ř ^ G^EVRYW^OÈ ř ^ WYW^SR]Q FSVS[MOMIQ WOĂEHRMO¶[ XĂYW^G^Y QPIOS[IKS XEOMGL NEO Ϡ OEVSXIR [MXEQMR] % ) ( M / JSWJSPMTMH] OSIR^]Q 5
ř ^ SV^IGLIQ [ĂSWOMQ ř ^ QĂSH]Q NÜG^QMIRMIQ SVE^ WOSRMYKS[ER] O[EW PMRSPS[] '0%
ř
ř
ř ^ WYW^SR]Q TSQMHS ^ WYW^SR]Q TSQMHSVIQ FE^]PMÈ M G^SWROMIQ ř [MSWIRR] [MSWIRR] 7
7OYXOMIQ TV^IOYXOMIQ TV^IVSFY QPIOE RMITEWXIV]^S[ERIKS NIWX []ĺW^E S SO ^E[EVXSęÊ [MXEQMR
ř ^ ^MEVREQM ř QMOW TETV]OS[] VS^TYW^G^EPR]GL [ [SH^MI ' & & & & & M & QMQS MGL WXVEX HS WIV[EXOM
ř ^ ĺYVE[MRÈ ř ^ FE^]PMÈ M G^SWROMIQ ; TSV¶[RERMY HS WIV¶[ TVSHYOS[ER]GL [ [EVYROEGL TV^IQ]WĂS[]GL WIV] OSV]GMĄWOMI GLEVEOXIV]^YNÈ
ř ^ SPM[OÈ ř ^ GYVV] WMÜ [MÜOW^È [EVXSęGMÈ SHĺ][G^È >I [^KPÜHY RE QRMINW^È ^E[EVXSęÊ [SH] TSRMĺIN ^E[MIVENÈ [MÜGIN
ř ^ ^MSĂEQM TVS[ERWEPWOMQM ř ^ G^EVRÈ SPM[OÈ FMEĂOE M XĂYW^G^Y SVE^ NIKS FMSEOX][R]GL WOĂEHRMO¶[
ř ^ OQMROMIQ ř QYPXMWQEO >I [^KPÜHY RE []WSOÈ ^E[EVXSęÊ FMEĂOE E XEOĺI SFIGRSęÊ [MXEQMR] ( M / WIV] OSV]GMĄWOMI TSHSFRMI
ř ^ OS^MIVEHOÈ ř SVE^ MRRI RE WTIGNEPRI ^EQ¶[MIRMI NEO MRRI WIV] HSNV^I[ENÈGI WÈ HSWOSREĂ]Q ĸV¶HĂIQ FMSHSWXÜTRIKS [ETRME
ř
ř ^ QMÜXÈ ^ QMÜXÈ
4SOV]GMI ^ETSXV^IFS[ERME RE [ETĄ ęSOV]GMI ^ETSXV^IFS[ERME RE [ETĄ ęVIHRMS K SWSFÜ H^MIĄ NIWX NIHR]Q ^ RENMWXSXRMINW^]GL IPIQIRX¶[
4
TVSŶPEOX]OM GLSV¶F HMIXS ^EPIĺR]GL ;ETĄ OSNEV^SR] ^ TVSŶPEOX]OÈ SWXISTSVS^] VIKYPYNI QIXEFSPM^Q
^EV¶[RS PMTMH¶[ NEO XIĺ [ÜKPS[SHER¶[ >ETSFMIKE MRWYPMRSSTSVRSęGM SKVERMG^E TS[WXE[ERMI XOEROM
XĂYW^G^S[IN ^QRMINW^E V]^]OS GYOV^]G] X]TY 4SOV]GMI ^ETSXV^IFS[ERME RE [ETĄ ^QRMINW^E V]^]OS
REHGMęRMIRME GLSVSF] RMIHSOV[MIRRIN WIVGE OEQMG] RIVOS[IN M RS[SX[SV¶[ NIPMXE KVYFIKS 7]RIVKMG^RMI
^ [ETRMIQ SHH^MEĂYNÈ JSWJSTITX]H [ETRMIQ SHH^MEĂYNÈ JSWJSTITX]H] EQMRSO[EW] VS^KEĂÜ^MSRI SVE^ YRMOEPR] WOĂEHRMO XĂYW^G^Y QPIOS[IKS
^
NEOMQ NIWX WOSRMYKS[ER] O[EW PMRSPS[] '0% (^MÜOM SFIGRSęGM [[ WOĂEHRMO¶[ E XEOĺI [MXEQMR] ( M /
TVSHYOX] QPIG^EVWOMI WÈ FEVH^MIN WOYXIG^RI [ TVSŶPEOX]GI RMĺ WYTPIQIRX] [ETRME 7OYXIG^RSęÊ QPIOE
E XEOĺI TVSHYOX¶[ QPIG^EVWOMGL [ ^ETSFMIKERMY E RE[IX PIG^IRMY SX]ĂSęGM QMEĺHĺ]G] M REHGMęRMIRME
TSX[MIVH^E HMIXE (%7,





>EV^IGG] 7T ^ S S
4VSHYGIRX SV]KMREPRIKS GIVX]ŶOS[ERIKS 7IVE /SV]GMĄWOMIKS Ŗ7[SNWOMIKSŕ
1MIPRMOM /SV]GMR XIP

[[[ ^EV^IGG] TP

FMYVS$^EV^IGG] TP

7I
; REW^IN SJIVGMI V /SV]GMĄWOM 7[SNWOM





ř REXYVEPR] ř ^ TMITV^IQ OSPSVS[]Q (S TVSHYOGNM 7IV¶[ /SV]GMĄWOMGL 7[SNWOMGL ŶVQ] >EV^IGG] WYVS[MIG TS^]WOM[ER] NIWX SH OV¶[ ^ LSHS[PM
ř ^ G^SWROMIQ ř ^ TSQMHSVIQ SVIKERS M GLMPM XVEH]G]NRIN ĺ][MIRMI ^MIPSROÈ TEWX[MWOS[È TV^I^ SO HRM [ VSOY PYF WMERIQ WMERSOMW^SROÈ M TEW^È
ř ^ G^SWROMIQ RMIHĸ[MIH^MQ ř ^ SVIKERS M TETV]OÈ GLMPM XVIęGM[È [ SOVIWMI ^MQS[]Q
ř ^ G^SWROMIQ WXEVSTSPWOMQ ř ^ GLV^ERIQ [EWEFM /SRWIO[IRGNÈ ĺ][MIRME OV¶[ ^MIPSROÈ TEWX[MWOS[È NIWX ŏ OVSXRMI []ĺW^E ^E[EVXSęÊ FMSEOX][R]GL
ř ^ G^EVRYW^OÈ ř ^ WYW^SR]Q FSVS[MOMIQ WOĂEHRMO¶[ XĂYW^G^Y QPIOS[IKS XEOMGL NEO Ϡ OEVSXIR [MXEQMR] % ) ( M / JSWJSPMTMH] OSIR^]Q 5
ř ^ SV^IGLIQ [ĂSWOMQ ř ^ QĂSH]Q NÜG^QMIRMIQ SVE^ WOSRMYKS[ER] O[EW PMRSPS[] '0%
ř
ř
ř ^ WYW^SR]Q TSQMHS ^ WYW^SR]Q TSQMHSVIQ FE^]PMÈ M G^SWROMIQ ř [MSWIRR] [MSWIRR] 7
7OYXOMIQ TV^IOYXOMIQ TV^IVSFY QPIOE RMITEWXIV]^S[ERIKS NIWX []ĺW^E S SO ^E[EVXSęÊ [MXEQMR
ř ^ ^MEVREQM ř QMOW TETV]OS[] VS^TYW^G^EPR]GL [ [SH^MI ' & & & & & M & QMQS MGL WXVEX HS WIV[EXOM
ř ^ ĺYVE[MRÈ ř ^ FE^]PMÈ M G^SWROMIQ ; TSV¶[RERMY HS WIV¶[ TVSHYOS[ER]GL [ [EVYROEGL TV^IQ]WĂS[]GL WIV] OSV]GMĄWOMI GLEVEOXIV]^YNÈ
ř ^ SPM[OÈ ř ^ GYVV] WMÜ [MÜOW^È [EVXSęGMÈ SHĺ][G^È >I [^KPÜHY RE QRMINW^È ^E[EVXSęÊ [SH] TSRMĺIN ^E[MIVENÈ [MÜGIN
ř ^ ^MSĂEQM TVS[ERWEPWOMQM ř ^ G^EVRÈ SPM[OÈ FMEĂOE M XĂYW^G^Y SVE^ NIKS FMSEOX][R]GL WOĂEHRMO¶[
ř ^ OQMROMIQ ř QYPXMWQEO >I [^KPÜHY RE []WSOÈ ^E[EVXSęÊ FMEĂOE E XEOĺI SFIGRSęÊ [MXEQMR] ( M / WIV] OSV]GMĄWOMI TSHSFRMI
ř ^ OS^MIVEHOÈ ř SVE^ MRRI RE WTIGNEPRI ^EQ¶[MIRMI NEO MRRI WIV] HSNV^I[ENÈGI WÈ HSWOSREĂ]Q ĸV¶HĂIQ FMSHSWXÜTRIKS [ETRME
ř
ř ^ QMÜXÈ ^ QMÜXÈ
4SOV]GMI ^ETSXV^IFS[ERME RE [ETĄ ęSOV]GMI ^ETSXV^IFS[ERME RE [ETĄ ęVIHRMS K SWSFÜ H^MIĄ NIWX NIHR]Q ^ RENMWXSXRMINW^]GL IPIQIRX¶[
4
TVSŶPEOX]OM GLSV¶F HMIXS ^EPIĺR]GL ;ETĄ OSNEV^SR] ^ TVSŶPEOX]OÈ SWXISTSVS^] VIKYPYNI QIXEFSPM^Q
^EV¶[RS PMTMH¶[ NEO XIĺ [ÜKPS[SHER¶[ >ETSFMIKE MRWYPMRSSTSVRSęGM SKVERMG^E TS[WXE[ERMI XOEROM
XĂYW^G^S[IN ^QRMINW^E V]^]OS GYOV^]G] X]TY 4SOV]GMI ^ETSXV^IFS[ERME RE [ETĄ ^QRMINW^E V]^]OS
REHGMęRMIRME GLSVSF] RMIHSOV[MIRRIN WIVGE OEQMG] RIVOS[IN M RS[SX[SV¶[ NIPMXE KVYFIKS 7]RIVKMG^RMI
^ [ETRMIQ SHH^MEĂYNÈ JSWJSTITX]H [ETRMIQ SHH^MEĂYNÈ JSWJSTITX]H] EQMRSO[EW] VS^KEĂÜ^MSRI SVE^ YRMOEPR] WOĂEHRMO XĂYW^G^Y QPIOS[IKS
^
NEOMQ NIWX WOSRMYKS[ER] O[EW PMRSPS[] '0% (^MÜOM SFIGRSęGM [[ WOĂEHRMO¶[ E XEOĺI [MXEQMR] ( M /
TVSHYOX] QPIG^EVWOMI WÈ FEVH^MIN WOYXIG^RI [ TVSŶPEOX]GI RMĺ WYTPIQIRX] [ETRME 7OYXIG^RSęÊ QPIOE
E XEOĺI TVSHYOX¶[ QPIG^EVWOMGL [ ^ETSFMIKERMY E RE[IX PIG^IRMY SX]ĂSęGM QMEĺHĺ]G] M REHGMęRMIRME
TSX[MIVH^E HMIXE (%7,





>EV^IGG] 7T ^ S S
4VSHYGIRX SV]KMREPRIKS GIVX]ŶOS[ERIKS 7IVE /SV]GMĄWOMIKS Ŗ7[SNWOMIKSŕ
1MIPRMOM /SV]GMR XIP

[[[ ^EV^IGG] TP

FMYVS$^EV^IGG] TP